Key dates in Greece's debt crisis
APNews
Jan 28, 2012
A look at key dates in Greece's financial crisis.
Oct. 4, 2009 _ George Papandreou's Socialists win landslide general election victory, ending five and a half years of conservative rule. He is sworn in as prime Minister two days later.
Oct. 18, 2009 _ Government reveals that the budget deficit is set to rise to at least 12 percent of the country's gross domestic product, double the previous government's estimate. The shortfall eventually reached 15.6 percent of GDP.
Dec. 8, 2009 _ Fitch Ratings downgrades Greece's credit rating from A- to BBB+. Bond grades from the three major agencies eventually reached junk status.
March 3, 2010 _ Greece announces a major austerity plan _ with many more to follow _ increasing VAT and tax on cigarettes and alcohol, and freezing pensions and curbing civil servants' pay.
April 23, 2010 _ Prime Minister, speaking on the tiny Aegean Sea island of Kastelorizo calls for the activation of the eurozone-IMF rescue package, as Greece is unable to cope with rising borrowing costs.
April 27, 2010 _ Standard & Poor's slashes Greece's long-term credit ratings by three notches from BBB minus to BB plus, or junk status and warns debt holders that they only have an average chance of between 30 to 50 percent of getting their money back in the event of a debt restructuring or default. Portugal's long-term credit ratings are also reduced by two notches, from A plus to A minus, as other peripheral eurozone markets come under pressure.
May 2, 2010 _ Eurozone finance ministers agree to rescue Greece with euro110 billion in loans over three years.
May 5, 2010 _ In a day of mass protests and rioting, three people are killed after being trapped in a burning bank.
May 10, 2010 _ European officials agree on $1 trillion rescue package to protect the euro currency union.
May 18, 2010 _ Greece receives euro14.5 billion in bailout loans, just in time to meet a crucial debt refinancing deadline.
Jun 14, 2010 _ Moody's slashes Greece's government bond ratings by four notches to Ba1 from A3, with a stable outlook for the next 12-18 months. It is the second of the three major agencies to accord Greek bonds junk status. Standard & Poor's did the same in late April.
July 8, 2010 _ Unions stage their sixth general strike of the year _ halting public transport and services, stopping ferry departures and closing schools, newspapers, courts and public hospitals.
July 13, 2010 _ Greece successfully raises euro1.25 billion ($1.62 billion) in its first debt auction since receiving international bailout loans. The sale of 26-week treasury bills is oversubscribed 3.64 times, at an interest yield of 4.65 percent.